Indian crypto bill 2022 passed! Is crypto going to be DEAD in India?
The taxation should not imposed to take money from traders and demotivate them but to protect them and motivate for accepting the new technology in the long run.
Indian has passed their crypto bill 2022 by imposing a tax rate of 30% on a capital gain in any crypto transactions which will be in action from April 1. As I mention earlier, its similar to the gambling and horse bet tax rate. Is it going to kill Indian Crypto Industry?
Besides the ridiculous tax rate, all the buyers or sellers crypto have to pay another 1% tax deduction at source (TDS). Also taxes on any crypto gifts, having no option for taking deductions for any loss transaction will be on action from July 1.
So what now?
Okay, let me explain the related factors that is going to happen in future to this Technological innovation.
Many crypto farms based on India has started leaving the country, the number will increase
There is no way to trade with this taxation, even many people who earn their livelihood by trading! Traders will find out some illegal ways to save from taxes and some will leave the crypto world.
My Another concern,
India has already become a leading country in the technology and innovation index among the 3rd world countries with the largest population after China. If they these funny laws are passed there what will be the situations in other developing countries of the 3rd world?
Hope there will be some major amendment soon after the realization of the significance of the new technology.
Thank you for your time and attention.
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Good post!
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Taxes are ridiculous at least the way they are and this is coming from me who does not have to pay tax due to very good planning and leaving my job in 2019 so I now only do taxable things in my solo 401K using the Loan if I need to borrow from my self and If I needed more I cant always leverage my brokerage by like 10% so its pretty safe. Ultimately I am using my solo 401K to get control of my assets and pretty much all are going into staking stable coins to buy btc, pag G and eth in order to execute a synthetic set up to produce basically a royalty of BTC, PAX G and ETH then you get the futures funding rate bc you short the micro cme futures.
Yeah, we need more planning find some loopholes to tackle with the government.
Yup agreed I deffinately know alot of them. I am going to pay no tax for the last 5 years and for the forseeable future lol. I have done alot of planning to get it this way but I am deff willing to share what I did bc you may be able to use it. It has so many benefits and can really lower your taxes to nothing. Like when I was a W2 employee it was hard I never could manipulate it like l can now I just pick the number I want and make it happen by ustilizing a few strategies so I just get pure cash flow no FICA, FD or NY tax lol. I deff will be pulling in more than the 12K std deduction. Or maybe I have enough non cash donations - I pick stuff up as I drive buy like if I see a bunch of old cloths then I save them until I can donate and get a benefit lol. I did a whole church I found on the sidwale filled a van and got me like 4K in deductions lol
If you are intersted in joining the investment club I am creating starting off focused on Splinterlands but as it grows we will go buy new assets for the treasury. Eventually will be investing in syndications for real estate such as mhps etc as those will offset income for many as most will be passive investors likely in the eyes of the irs but as long as they are considered active in the eyes of the sec we are good and I think just participating is active.
Nowadays, I am out of credit, As I am a student , so it's not possible for investment. But best of luck for your club and I will follow you, If I could manage any opportunity, definitely i will join you. From a group in any sphere like the hive ecosystem, you can earn a lot altogether. It's an amazing place for passive earning.
Have you ever opened bank accounts for extra money? I do it all the time and I have enough to refer you to make the minimum and I also get the same amount and what I am doing with it is first funding my capital then the rest goes into the treasury which will be owned by all. If you want to make a quick thousand or two I can show you how to do that. let me know.
No, i didn’t open any account for extra money! How I can do that? Is it possible for other countries as I am not a US resident😥
Likely what country are you in
I can look into it for you
If not i will figure a work around so you can open a us bank account I think all you need is a ITIN or EIN. I can help get you a EIN in 2 seconds. Then you use that and a ITIN I bet. But Im on track for about 100K this year only on banks lol
So its totally worth the hassle. If you want to try something with me I dont want to disclose here as not many ppl have thought of it I dont want ot lose out on profit lol
I will add you to my list and if anything Ill use my part of the bonus to fund you if you are going to take it seriously bc I am literally trying to build a empire of digital, private placement real estate, start ups, public companies, aterantives like a cannibis hotel, various farm land. Self Storage, mhp parks, clas B-A value add real estate with lower leverage. Just had a deal I bought into for 20K thats going to pay out 80-100 net in 3 years. Gotta love it and no tax. I also had a flip syndication at 25% and my last CA syndioation was 28% and one that will likely sell got a offer for 38% IRR lol
Wow! I appreciate your plan and best of luck for you. It will be foolishness if you diaclose here. You hould maintain the secret recipe of your strategy to make it successful.
I am from Bangladesh, a south Asian country.
I want to help as many ppl as possible bringing them onto this game as full disclosure I am a shareholder from the seed round so bringing ppl on benefits me to lol. I have preferred units common units and a shit load of DAO units. I have been accumulating SPT I want about 18 million more for the fund. and 1 million sps so 740K more
It makes me so happy when I dont pay anyuthing now its my accomplishment for the year to make cash flow without it taxed legally using the right structures etc. I love winning at there own game. I am not uber rich or anything I still use the same tax breaks to most ppl can they just do not know about it.